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Chevy Blazer
Repossession
Banking

Can a bank repossess your vehicle if your payment is only 2 weeks late?


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2011-02-16 23:56:59
2011-02-16 23:56:59

IF you are in DEFAULT, the lender can repo meaning "1". If being 2 wks late puts you in default of your contract, then you better clean your ride out.

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Related Questions

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Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

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If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.

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Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.

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The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.


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